GSIS multipurpose loans hit ₧65B since Oct 2020
STATE-RUN Government Service Insurance System (GSIS) has granted a total of P65 billion in multipurpose loans to its members since it started its program in October last year.
The GSIS Multipurpose Loan (MPL) consolidates all service loans and waives surcharges on all in-default loan accounts of its members. The program has so far benefited 250,783 GSIS members.
“we encourage our other members, especially those who have reached their borrowing limit and have been unable to pay their GSIS loans, to avail of GSIS MPL’S affordable payment terms,” GSIS President and General Manager Rolando Ledesma Macasaet said in a statement.
Qualified member-borrowers may apply for up to 14 times their basic monthly salary but not exceed P3 million.
Those who will be accessing the MPL for the first time get to enjoy waived surcharges on their outstanding loan balance.
Apart from preventing the ballooning of penalties incurred by members for their unpaid GSIS loans, MPL also offers a “low” interest rate of 7 to 8 percent depending on the members’ premium payments. It is payable in monthly installments from two to seven years depending on a member’s premium contribution and employment status.
Those with Home Emergency Loan Program (HELP) accounts that are consolidated under MPL are allowed to pay the loan up to 10 years. Payments will be automatically deducted from the borrower’s salary.
Qualified to apply for MPL are active and special GSIS members who have paid at least three months of premiums; are not on leave of absence without pay; have no pending administrative or criminal case; have no arrears under the GSIS Financial Assistance Loan or GSIS housing loan; and are working in agencies with existing memorandum of agreement with GSIS.
Moreover, they must not be tagged as suspended by their respective agencies and they must have a net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted. Their agency must not also be on suspended status.
The following GSIS service loans shall be consolidated under MPL in the following order: Salary Loan; Restructured Salary Loan; Enhanced Salary Loan; Emergency Loan Assistance; Summer One-month Salary Loan; Conso-loan Plus or Enhanced Conso-loan Plus; Member’s Cash Advance, ecard Cash Advance, or ecard Plus Cash Advance; HELP; Education Assistance Loan I and II; Fly Pal, Pay Later; Study now, Pay Later; and Stock Purchase Loan.
However, those that are excluded are GSIS’S housing loan, policy loans and emergency loan except for emergency loan accounts in arrearages and in default, in which case the amount in arrears or in default will be deducted from the proceeds of the MPL.
Members may apply for MPL via e-mail to the GSIS handling branch; Electronic GSIS Members Online (EGSISMO); GSIS wireless Automated Processing System (GW@PS) kiosk for those in the GSIS Head Office; or over-the-counter or via drop box in all GSIS branches and extension offices nationwide.
MPL proceeds will be directly credited to the borrower’s GSIS electronic card (ecard) or unified multipurpose identification card.
For other details, interested parties may visit the GSIS web site, www. gsis.gov.ph; GSIS Facebook account, @gsis.ph; e-mail gsiscares@gsis.gov. ph; or call the GSIS Contact Center at 8847-4747 (if in Metro Manila), 1-800-8-847-4747 (for Globe and TM subscribers), and 1-800-10-8474747 (for Smart, Sun, and Talk ‘n Text subscribers).